Mining faucet

[epii]

There have been several discussions about how, in order for Bitcoin to have a stable economic foundation and continue to grow, we must get bitcoins into as many people's hands as possible.  Instead of putting pressure on those who have already saved up large quantities of bitcoins to find ways to spend / distribute them for the "greater good", I think it makes more sense to try to direct newly minted currency toward new users.

I was wondering if anyone would be interested in the idea of a "charity" mining pool, where the proceeds would be distributed to new users just like the Bitcoin Faucet does, except in larger quantities (perhaps 1 BTC / person?).  If the mining faucet runs dry, payout requests would go to a waiting list.  Even if the miners weren't earning any profits from this directly, over time it should start to drive up the value of their savings by increasing demand for bitcoins.

The substantial payouts would probably make this more of a target for abuse than the existing Faucet... what security measures would you recommend beyond the Google account verification that the Faucet uses?

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[1715071017]

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[Jered Kenna (TradeHill)]

There have been several discussions about how, in order for Bitcoin to have a stable economic foundation and continue to grow, we must get bitcoins into as many people's hands as possible.  Instead of putting pressure on those who have already saved up large quantities of bitcoins to find ways to spend / distribute them for the "greater good", I think it makes more sense to try to direct newly minted currency toward new users.

I was wondering if anyone would be interested in the idea of a "charity" mining pool, where the proceeds would be distributed to new users just like the Bitcoin Faucet does, except in larger quantities (perhaps 1 BTC / person?).  If the mining faucet runs dry, payout requests would go to a waiting list.  Even if the miners weren't earning any profits from this directly, over time it should start to drive up the value of their savings by increasing demand for bitcoins.

The substantial payouts would probably make this more of a target for abuse than the existing Faucet... what security measures would you recommend beyond the Google account verification that the Faucet uses?

I like the idea and intent but I think there's better ways to pay new users like offering bounties.
It could work but there's no way you can make it secure enough that people don't make 10+ accounts if the reward is worth it. Also I dont' know how to prove if they're new or not.


I do like the idea of a pool that could be devoted to non profit / promotion or whatever, that part is pretty solid. Have votes or whatever to do with the coins.

[AbeSkray]

I agree with the importance of getting Bitcoins into the hands of new users, but I'm not sure a second Faucet is the way to do it. Gavin has already implemented a Faucet, so why re-invent the wheel? Also, having two Faucets is kinda confusing, no? Instead of "forking" a new Faucet, why not team up with the existing one?

I think the best way to help distribute Bitcoins to new users is to donate to the existing Faucet. Start up a charity mining pool, and send all the new bitcoins there (15VjRaDX9zpbA8LVnbrCAFzrVzN7ixHNsC). If a large chunk of the Faucet's funding starts coming from your pool, I'm sure Gavin would be open to increasing the amount of BTC dripped out.

Personally, I think 0.05 BTC is enough. I was excited about BTC when I first found out about it, but there was something special about actually getting 0.05 BTC in my wallet for the first time. Even though it was only worth 4 pennies, that was the moment bitcoins became real to me! That moment was so rewarding, that I sent my 0.05 BTC right back to the Faucet so that someone else could have the same experience (also, so I could see how sending BTC worked). What I'm trying to say is that it's not the amount that is meaningful, it's the magic of getting something into a new user's wallet that's important.

[epii]

What I'm trying to say is that it's not the amount that is meaningful, it's the magic of getting something into a new user's wallet that's important.

I concur that most of the people here who used the Faucet probably experienced the same thing.  My point isn't just that giving newbies more to start with is more likely to get them "hooked", but rather that it is more likely that they will actually go out and spend it on something.  You yourself are an example of someone who recognized the uselessness of 0.05 BTC (except for the purposes of testing and getting a warm-and-fuzzy feeling) - you sent it back!  There are - and will, likely, for a long time be - very few services where you could see 0.05 BTC actually "do something".  If we want to see new users spending, donating, trading, generally being adventurous with their bitcoins and feeling their entrepreneurial spirits stoked, I think we need to give them more to work with.

[Jered Kenna (TradeHill)]

What I'm trying to say is that it's not the amount that is meaningful, it's the magic of getting something into a new user's wallet that's important.

I concur that most of the people here who used the Faucet probably experienced the same thing.  My point isn't just that giving newbies more to start with is more likely to get them "hooked", but rather that it is more likely that they will actually go out and spend it on something.  You yourself are an example of someone who recognized the uselessness of 0.05 BTC (except for the purposes of testing and getting a warm-and-fuzzy feeling) - you sent it back!  There are - and will, likely, for a long time be - very few services where you could see 0.05 BTC actually "do something".  If we want to see new users spending, donating, trading, generally being adventurous with their bitcoins and feeling their entrepreneurial spirits stoked, I think we need to give them more to work with.

I like the idea but I feel like they should work for it. Not because I think they need to but more to give it value and distribute more evenly. Hell it could be as simple as posting a pic with a bitcoin sign or whatever just a simple bounty. If we had a non profit promotional bitcoin pool that would take care of it. Just have to vote on ideas that would help the most.

[happygeorge]

The Faucet is really good the way it is now in my view too.

I think letting people do what they do best for bitcoins is a promissing way to promote bitcoins.  Instead of a kind of an ad hoc pool of donations for specific tasks, perhaps a simple, and nicely developed 'get a freelancer' type freelancing website would be good.

An apple style (one button) do this for me and I'll send you bitcoins site would be awesome.

But also allowing collaboration to have many people 'pay/donate' for whatever is asked of a new person.

Perhaps someone who is in the printing industry can print flyers, and others can go around and deliver them.

That's all.

cheers
g.

PS: I have no idea if ther is already a  site like that, if there is, can you give the link?

[crazyivan]

There have been several discussions about how, in order for Bitcoin to have a stable economic foundation and continue to grow, we must get bitcoins into as many people's hands as possible.  Instead of putting pressure on those who have already saved up large quantities of bitcoins to find ways to spend / distribute them for the "greater good", I think it makes more sense to try to direct newly minted currency toward new users.

I was wondering if anyone would be interested in the idea of a "charity" mining pool, where the proceeds would be distributed to new users just like the Bitcoin Faucet does, except in larger quantities (perhaps 1 BTC / person?).  If the mining faucet runs dry, payout requests would go to a waiting list.  Even if the miners weren't earning any profits from this directly, over time it should start to drive up the value of their savings by increasing demand for bitcoins.

The substantial payouts would probably make this more of a target for abuse than the existing Faucet... what security measures would you recommend beyond the Google account verification that the Faucet uses?

Giving away 1 BTC per person?? What, are you King of Brunei?

[NorrisK]

Faucets that pay out 1k Satoshi are already being abused like mad men.. Imagine any faucet that pays out significantly.

Also, 1 btc is just way too much. The waiting list will be extremely long as a pool like this would probably not find more than a block a day. That means you could serve 25 people now and 12/13 people in half a year.

[7788bitcoin]

Giving away 1 BTC per person?? What, are you King of Brunei?

I think King of Brunei most likely do not have any bits. He will give you a gallon of crude oil instead!

[vrm86]

There have been several discussions about how, in order for Bitcoin to have a stable economic foundation and continue to grow, we must get bitcoins into as many people's hands as possible.  Instead of putting pressure on those who have already saved up large quantities of bitcoins to find ways to spend / distribute them for the "greater good", I think it makes more sense to try to direct newly minted currency toward new users.

I was wondering if anyone would be interested in the idea of a "charity" mining pool, where the proceeds would be distributed to new users just like the Bitcoin Faucet does, except in larger quantities (perhaps 1 BTC / person?).  If the mining faucet runs dry, payout requests would go to a waiting list.  Even if the miners weren't earning any profits from this directly, over time it should start to drive up the value of their savings by increasing demand for bitcoins.

The substantial payouts would probably make this more of a target for abuse than the existing Faucet... what security measures would you recommend beyond the Google account verification that the Faucet uses?

Giving away 1 BTC per person?? What, are you King of Brunei?

WTF man, this thread is 5 years old. Thede days BTC was worth 1$.

[Lutzow]

Another thread being pulled out from the graveyard. It was back in 2011 when he said that, wondering if he can still say the same due to price difference.

[Jet Cash]

resurrected by a newbie spammer.

[bjbear123]

I agree with the importance of getting Bitcoins into the hands of new users, but I'm not sure a second Faucet is the way to do it. Gavin has already implemented a Faucet, so why re-invent the wheel? Also, having two Faucets is kinda confusing, no? Instead of "forking" a new Faucet, why not team up with the existing one?

I think the best way to help distribute Bitcoins to new users is to donate to the existing Faucet. Start up a charity mining pool, and send all the new bitcoins there (15VjRaDX9zpbA8LVnbrCAFzrVzN7ixHNsC). If a large chunk of the Faucet's funding starts coming from your pool, I'm sure Gavin would be open to increasing the amount of BTC dripped out.

Personally, I think 0.05 BTC is enough. I was excited about BTC when I first found out about it, but there was something special about actually getting 0.05 BTC in my wallet for the first time. Even though it was only worth 4 pennies, that was the moment bitcoins became real to me! That moment was so rewarding, that I sent my 0.05 BTC right back to the Faucet so that someone else could have the same experience (also, so I could see how sending BTC worked). What I'm trying to say is that it's not the amount that is meaningful, it's the magic of getting something into a new user's wallet that's important.

Agree with you !

[Kakmakr]

Even though this thread is ancient, the concept and idea are still feasible on a much smaller scale. We see the richest people in the world distributing their wealth. If this was possible with the Bill Gates foundation, why not some Bitcoin foundation doing the same thing.

We have some of the smartest developers and the best faucets operators with a lot of experience. You could find ways to validate individuals and then distribute donations to these people via faucets. Most faucets are primarily funded with advertisements, but it could be bumped a little with donations.